Extraordinary General Meeting

August 11, 2020 | 11.30 am (GMT +8)

Results of the Extraordinary General Meeting

Sembcorp Industries (SCI) convened and held its Extraordinary General Meeting (EGM) by way of electronic means via live audio-visual webcast / audio-only stream on Tuesday, August 11, 2020.

We are pleased to announce that the Distribution Resolution set out in the Notice dated July 22, 2020 was duly approved and passed by the SCI Shareholders at the SCI EGM on August 11, 2020.

We would also like to inform SCI Shareholders that Sembcorp Marine (SCM) has announced that the SCM Rights Issue Resolution and the Whitewash Resolution were duly approved and passed by the SCM Shareholders at the SCM EGM which was also held on August 11, 2020.

Completion of the Proposed Distribution 

Following the issue of 10,462,690,870 SCM Rights Shares and the listing and quotation of the SCM Rights Shares on the Mainboard of the SGX-ST with effect from 9.00 a.m. on September 11, 2020, the Proposed Distribution has been completed. 

Entitled SCI Shareholders who are Depositors would have received their entitlements to SCM Shares pursuant to the Proposed Distribution by the crediting by CDP of their Securities Accounts with the relevant number of SCM Shares on September 11, 2020. CDP will also send to each such Depositor, to their address as maintained with CDP, a notification letter confirming the number of SCM Shares that has been credited to their Securities Accounts.

Entitled SCI Shareholders who are not Depositors would have received their entitlements to SCM Shares pursuant to the Proposed Distribution through the entry of their names and the relevant number of SCM Shares into the Register of SCM on September 11, 2020, and the share certificates in respect of the SCM Shares will be sent to them by registered post to their address as stated in the Register of SCI in due course.

Entitled SCI Shareholders who are Depositors and who receive odd lots of SCM Shares (that is, lots other than board lots of 100 SCM Shares) pursuant to the Proposed Distribution may wish to refer to paragraph 8.8 of the Letter to Shareholders in the EGM Circular or to SCM’s announcement dated September 10, 2020, for information on the arrangements that have been made for the trading of odd lots of SCM Shares on the Main Board of the SGX-ST.

Following completion of the Proposed Distribution, the resultant direct shareholding of the Company in SCM is 17,224,992 SCM Shares, representing approximately 0.14% of the total number of SCM Shares in issue as at September 11, 2020, and accordingly, SCM has ceased to be a subsidiary of the Company.

Update on Distribution Amount

The dividend declared in respect of the Proposed Distribution is a tax exempt (one-tier) special dividend. Based on the closing price of the SCM Shares as at September 10, 2020 of S$0.182, the cash equivalent amount of the dividend is S$1,597 million, equivalent to approximately S$0.893801028 per SCI Share.

Sembcorp Industries would like to thank SCI Shareholders for their consideration and support for the Distribution Resolution at the SCI EGM.

The materials related to the EGM and the proposed distribution in specie of ordinary shares in the capital of SCM can be accessed at the Downloads & Links section below as well as on SGXNet.

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